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Economics Past Questions and Answers

Jamb Economics Questions

Question 26:

Prohibiting the sale of lace materials in Nigeria would probably lead to?

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A Increase supply of lace material in Nigeria
B Production of better quality lace abroad
C Lower price of lace material in Nigeria
D Higher price of lace material in Nigeria
E Increase income to all dealers of lace materials in Nigeria

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Question 27:

Which of the following is NOT a visible item on international trade payment?

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A Payment for imported cars
B Receipt from cocoa exports
C Payments to foreign shipping companies
D Payments for steel imports
E Payment for petroleum imports

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Question 28:

Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?

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A The value of industrial exports is declining
B The value of industrial imports is constant
C The share of agricultural exports is increasing
D The share of agricultural export is decreasing
E The value of mineral export is declining

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Question 29:

The most basic concern of economists is to?

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A Create human wants
B Satisfy all human want
C Redistribute income so that it is used correctly
D Create perfect competition
E Study ways of allocating scarce resources in order to satisfy human wants

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Question 30:

Which of these statement is NOT true of economics as a discipline?

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A It is a social science
B It is analytical
C It is concerned with people's material well-being
D It assumes limited human wants
E It assumes unlimited human resources

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